FASB credit-losses proposal most-read Feb. News Now article

March 2, 2015

MADISON, Wis. (3/3/15)--An article reporting that the Financial Accounting Standards Board (FASB) proposal regarding credit losses would likely "have a significant, detrimental impact on a number of credit unions and their members" was the most-read News Now article in February.

In response to the report, CUNA President/CEO Jim Nussle wrote to all seven FASB board members to reiterate the message sent last year to FASB: that the board should refrain from imposing the proposed changes on credit unions.

WASHINGTON (2/12/15)--CUNA has commissioned a comprehensive study and fact-based analysis of the compliance costs credit unions face due to the heavy burden of regulation. Wally Murray, president/CEO, Greater Nevada CU, Carson City, Nev., announced the CUNA initiative in his testimony on regulatory relief at a Senate Banking Committee hearing this morning.

ALEXANDRIA, Va. (2/20/15)--CUNA welcomes the National Credit Union Administration's (NCUA) review of the definition of "small entity." The NCUA issued a proposal Thursday that would expand the definition of the term "small entity" to include credit unions with assets of less than $100 million; however, CUNA maintains a much higher threshold of $500 million would be appropriate for purposes of reduced regulatory burden.

WASHINGTON (2/18/15)--CUNA has asked outside counsel, Foley & Lardner LLP, to prepare a memo with general information on how credit unions can claim tax refunds on income exempt from Unrelated Business Income Tax (UBIT) and what a credit union might expect if it files for a refund.

WASHINGTON (2/13/15)--A reintroduced bill that would allow credit unions to raise other forms of capital has been met with strong support from CUNA. Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.) introduced the Capital Access for Small Businesses Act earlier today.

WASHINGTON (2/20/15)--A FASB proposal regarding credit losses is "likely to have a significant, detrimental impact on a number of credit unions and their members." CUNA President/CEO Jim Nussle wrote to all seven FASB board members this week to reiterate the message sent last year to FASB: that the board should refrain from imposing the proposed changes on credit unions.

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